Smartlifeinc Limited (07232520): administration
- Status
- Administration ended
- Administration began
- 2019-04-02
- Administrators
- Simon Jagger, Ben David Woodthorpe
- Administrators' firm
- ReSolve
- Incorporated
- 2010-04-22
- Location
- London
- Industry
- 13960 Manufacture of other technical and industrial textiles
Why it went into administration
- Cash flow / liquidity pressure
- Loss of key people
From the administrators' statement
Rosnes and Smartlifeinc were incorporated to acquire the assets of Smartlife Technology Limited — in Liquidation (STL) in early 2010. At the time of acquisition STL was an associated entity to the Companies by way of common directorship and shareholding of Christopher Mark Pedley. STL operated in the development of garment based sensor technology.
Rosnes acquired the IP of STL and acted as the holding company of Smartlifeinc (a wholly owned subsidiary). Smartlifeinc operated as the operational entity facilitating the development of Rosnes' IP and the employment of staff. Following the acquisition, the Companies continued the development of the technology they had acquired from leasehold premises in Manchester.
In 2012 a new Chief Executive Officer (CEO) was hired with a view to moving the Companies’ strategy from a proof of concept focus to a launch focus centred on a heart rate monitor product aimed at amateur and elite sports participants. Around the same time, the Companies’ “Smart Bandage” concept arose, based on real time pressure measurement during compression bandage application. However, by the beginning of 2016, the Companies had failed to launch a product or generate any revenues. Furthermore, the Companies’ available funding had been exhausted.
Administrators' statement of proposals (2019-06-11) · Companies House register